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Be ‘in the know' when purchasing a vacant-foreclosed home this winter

It's winter and it's cold! There are many houses on the market that are vacant, particularly homes that are in foreclosure, AND possibly, the utilities are turned off. Also, the plumbing systems are winterized in these homes. Rejoice in this because if they were not, then there would be a big mess of frozen pipes and damage to these homes.

You've been looking and have fallen in love with one of these ‘vacant-foreclosed-winterized-utilities turned off' homes so you have put in an offer AND it has been accepted. How sweet it is.

With your offer you've wisely decided to get the home inspected. This is an expense that you need to remember to budget for. It is important to be sure that all of the home's systems are up and running prior to the home inspection appointment. Make sure that:

The electricity is on
Oil is in oil tank and oil lines are bled(if applicable)
Gas lines are on/tanks filled (if applicable)

And

The plumbing system is de-winterized and re-winterized after the inspection

Also, it is important to find out: Will any of this be at your expense? OR at the owners/bank‘s expense?

To de-winterize AND to re-winterize
To purchase oil for tank IF it is empty
To get the utilities turned on like gas and electric

If so, then budget for this too.

Knowing these things before-hand will help with the process of purchasing of a home in foreclosure... in the winter.

Good luck and have fun shopping!

~~~

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Marlene is a licensed Realtor for the Dan Sperduto Home Selling Team of Eastern CT. Please feel free to contact Marlene to find out more about the UNIQUE and successful marketing systems used by this award winning team of Realtors. To find real estate listings including homes for sale, search for properties from our agency AND from the MLS at www.dansperduto.com.

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170 Flanders Road ~ Niantic, CT 06357 ~ (860) 886-7000 x121

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Posted by Marlene Pellegrini REALTOR® ERA REALTY PROs - Eastern Connecticut on 01/19/2009 07:44 AM

Comments (20)

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20 Comments on Be ‘in the know' when purchasing a vacant-foreclosed home this winter

JAN

I love your picture . I would by that home i n a heart beat !!! You blog is very good and very important . Here in the SWouth in the mountains we have the same issues and people neeed to be aware of them. Thanks for the post

Marlene I also though the picture was fantastic although I have just about had it with this cold snowy weather. Making sure a home was winterized properly is an important consideration.

There are definitely issues with homes that have been vacant for a while and where the utilities have been turned off. Just recently, I opened the door to a house for a property inspection and was greeted by two inches of water on the floor. Apparently, after being unused for so long, a seal in one of the connections under the sink had become brittle and could not withstand the water pressure.

Back to my adage...know what you don't know...and if you have never sold a foreclosure, don't practice on unsuspecting buyers who may not realize or be prepared for unknown repairs, taxes, etc....

Thaks for the timely reminder. In my area forclosed homes do not allow inspections, They are "AS IS" . This is something to keep in mind!

Charlie, good to know you have the same issues. It is a small world.

Marlene When you get sick of all those things to deal with, come sell real estate in Florida. It's much easier!

Foreclosed or not you still want an inspection.... even if it is "as is" (which legally usually means close to zip). IF something is found you can always back out as is or not. Banks and REO companies like to use their forms and their ideas... which may or not be correct... but just because a bank in NYC says they will not fill out a sellers disclosure (for example) in my state it is a state law and the buyer can walk... and get th EM back whether or not the bank wants it. Add to you list having the title company pay the utilities... there often ar unpaid bills out there lurking.

Marlene,

I wish it were as easy as asking the listing agent to have the home dewinterized for inspections but I have found that it isn't that easy. They just don't respond that well with foreclosures.

Rich

I have personally bought many foreclosures that have sat over a winter and have NOT been winterized correctly. I remember one house imparticular, it had at least 10 plumbing leaks. We would turn the water on, find a leak, fix it, turn it on again, find the next leak.. lol! Took us about a week to fix all of them!

Marlene, you post definitely shows the importance of having an inspection during the winter. As to who should pay for the expense, this should be discussed with the bank prior to an offer. Did you pain the snow scene?

Great tips Marlene. That is why you need a great home inspector. I've heard sellers moan and groan over inspectors that would document every little thing but these are the same inspectors they want when theyr'e buyers.

Marlene - great points you have written. Although we don't have the weather elements here, but it is important that the utilities are on for a home inspection.

Marlene - Great advice. It is wise to budget for these expenses beforehand so that there are no surprises. :)

Bill, I know how you feel about this weather we are having here in New England. It IS a particularly cold and snowy season this year. Remember last year...we had a very mild season with hardly any snow. Don't worry, March 21 (spring) IS right around the corner. We will AGAIN have hot, sweltering days in June, July and August...you can bet on that.

These homes can be a challenge that's for sure.

Patricia Aulson/ Portsmouth NH Real Estate

Perrin, Yes I sooo agree.

Good tips. In our market, however, the foreclosures are being better maintained than some of the others on the market.

JAN

I saw the comment by Lubbock Homes. Since I'm from Texas, I'm going to presume that Lubbock Homes is located in Lubbock, Texas. I don't know of any area in Texas where home inspections are "not allowed" per sé. The banks might tell one that the home is "as is" and that they are not going to pay for any repairs or anything, but it's still vitally important for the buyer to know just exactly what "as is" is.

FEB

Marlene, I am in cold and snowy Cleveland so your advice fits right in with my buyers. They should heed your words.

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